永利渡假村 (WYNN) 2022 Q3 法說會逐字稿

Welcome to the Wynn Resorts Third Quarter 2022 Earnings Call. (Operator Instructions) This call is being recorded. If you have any objections, you may disconnect at this time.

歡迎來到 Wynn Resorts 2022 年第三季度財報電話會議。 （接線員說明）此通話正在錄音中。如果您有異議，此時您可以斷開連接。

And I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

我現在將電話轉交給首席財務官 Julie Cameron-Doe。請繼續。

Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Ian Coughlan, Linda Chen, Frederic Luvisutto and Jenny Holaday. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.

謝謝接線員，大家下午好。今天與我通話的是拉斯維加斯的 Craig Billings 和 Brian Gullbrants。 Ian Coughlan、Linda Chen、Frederic Luvisutto 和 Jenny Holaday 也在線。我想提醒您，我們可能會根據安全港聯邦證券法做出前瞻性陳述，這些陳述可能會或可能不會實現。

I will now turn the call over to Craig Billings.

我現在將把電話轉給 Craig Billings。

Thanks, Julie. Good afternoon, everyone, and thanks for joining us today. Before I get into the quarter, I'd like to thank the cast, crew and producers of Awakening, our new show at Wynn Las Vegas, which successfully opened on Monday. The show is yet another example of our willingness to innovate and push the envelope to drive the strip forward. I'm incredibly proud of the team behind the show.

謝謝，朱莉。大家下午好，感謝今天加入我們。在進入本季度之前，我要感謝我們在拉斯維加斯永利的新節目《覺醒》的演員、工作人員和製作人，該節目於週一成功開幕。該節目是我們願意創新和突破極限以推動地帶向前發展的又一個例子。我為演出背後的團隊感到無比自豪。

I'll kick off in Las Vegas, where the team turned in a third quarter record with $196 million of EBITDA or approximately $207 million adjusted for lower-than-normal holds. We saw broad-based strength across casino, hotel, food and beverage and retail, all well above third quarter 2021 levels despite the difficult year-over-year comps. The comparison to third quarter 2019 is even more impressive with our EBITDA more than doubling on a 36% increase in revenue. Our investment in people, facilities and programming and our team's deep sense of ownership continue to elevate Wynn Las Vegas above our peers. This quarter once again highlights the benefit of that deliberate investment strategy.

我將從拉斯維加斯開始，該團隊在第三季度創下了 1.96 億美元的 EBITDA 或約 2.07 億美元的調整後低於正常水平的記錄。我們看到賭場、酒店、食品和飲料以及零售業的廣泛實力，儘管同比表現不佳，但都遠高於 2021 年第三季度的水平。與 2019 年第三季度相比，我們的 EBITDA 翻了一番還多，收入增長了 36%，這一點更加令人印象深刻。我們在人員、設施和計劃方面的投資以及我們團隊的強烈主人翁意識繼續將 Wynn Las Vegas 提升至同行之上。本季度再次凸顯了這種深思熟慮的投資策略的好處。

Looking ahead, encouraged that the strength we have experienced over the past several quarters has continued into the fourth quarter. In fact, our EBITDA during October was an all-time monthly record for the property. Similarly, our forward-looking indicators also remain quite strong despite well-known macro concerns as room bookings are pacing at or above pre-COVID levels on substantially higher ADRs. Near term, we expect the normal seasonal pattern to hold during the remainder of Q4, with some of the usual softness surrounding Thanksgiving, followed by a strong close to the year in the latter half of December.

展望未來，令我們感到鼓舞的是，我們在過去幾個季度所經歷的強勁勢頭一直持續到第四季度。事實上，我們 10 月份的 EBITDA 是該物業的歷史月度記錄。同樣，我們的前瞻性指標也仍然相當強勁，儘管眾所周知的宏觀擔憂是房間預訂在 COVID 之前的水平或更高的 ADRs 上的步伐。短期內，我們預計正常的季節性模式將在第四季度的剩餘時間內保持不變，感恩節前後會出現一些通常的疲軟，隨後在 12 月下半月強勁收盤。

Turning to Boston, like Vegas, Encore had a strong quarter, generating $61 million of EBITDA. We saw strength across the casino with record gross gaming revenue and on the nongaming side with record hotel revenue driven by strength in both ADR and occupancy. These trends have continued into Q4, with EBITDA per day in October consistent with the third quarter levels.

至於波士頓，和維加斯一樣，Encore 有一個強勁的季度，產生了 6100 萬美元的 EBITDA。我們看到整個賭場的實力強勁，博彩總收入創歷史新高，而在非博彩方面，由於 ADR 和入住率的強勁推動，酒店收入創歷史新高。這些趨勢一直持續到第四季度，10 月份的每日 EBITDA 與第三季度水平一致。

Looking ahead, we remain excited about sports betting in the Commonwealth, which is expected to kick off early next year. Our retail sports book there will soon be a significant opportunity for customer acquisition. We also continue to finalize our plans for our upcoming development project across the street from the property that will add incremental parking, food and beverage and entertainment amenities.

展望未來，我們仍然對英聯邦的體育博彩感到興奮，預計將於明年初開始。我們的零售體育書籍很快就會有一個重要的客戶獲取機會。我們還繼續完成我們即將在該物業街對面的開發項目的計劃，該項目將增加停車位、餐飲和娛樂設施。

In Macau, the market continues to be challenging with market-wide GGR in the third quarter only reaching approximately 8% of the third quarter of 2019 levels, and our results have reflected that. Our team has done a fantastic job controlling costs in a very challenging operating environment through a combination of decreases in payroll and fixed OpEx. As a result, despite the nearly 2-week closure of casinos in the market in July, our overall EBITDA loss in the third quarter was $66 million, which was a meaningful improvement from a loss of $90 million in the second quarter even after adjusting for a $7 million bad debt credit that benefited the results in the third quarter.

在澳門，市場繼續充滿挑戰，第三季度整個市場的博彩總收入僅達到 2019 年第三季度水平的約 8%，我們的業績反映了這一點。我們的團隊通過減少工資和固定運營支出相結合，在極具挑戰性的運營環境中出色地控制了成本。因此，儘管 7 月份市場上的賭場關閉了將近 2 週，但我們第三季度的整體 EBITDA 虧損為 6600 萬美元，即使在調整了700 萬美元的壞賬信貸有利於第三季度的業績。

More recently, we did see some encouraging pockets of demand during the October holiday period, particularly in our direct VIP business, where turnover was actually slightly above the comparable 2019 holiday period. And in our retail business, where tenant sales reached 74% of 2019 levels. This once again highlights the strong demand for Macau's unique tourism offering during periods when the market is accessible.

最近，我們確實在 10 月假期期間看到了一些令人鼓舞的需求，特別是在我們的直接 VIP 業務中，營業額實際上略高於 2019 年可比假期。在我們的零售業務中，租戶銷售額達到 2019 年水平的 74%。這再次凸顯了在市場開放期間對澳門獨特旅遊產品的強勁需求。

The authorities in Macau continued to advance the concession process according to the preestablished time line. We were pleased to submit our concession tender application in September, and the government is currently reviewing the proposals with decisions expected to be made by year-end. Long term, we remain excited about the prospects from Macau with so much pent-up demand for travel and tourism in Asia.

澳門當局繼續按照既定時間表推進特許經營進程。我們很高興在 9 月份提交了特許權招標申請，政府目前正在審查這些提案，預計將在年底前做出決定。從長遠來看，我們對澳門的前景感到興奮，因為亞洲對旅遊和旅遊業的需求被壓抑得很厲害。

At Wynn Interactive, our overall EBITDA burn rate declined to $18 million in Q3 from $21 million in the second quarter of 2022, on the back of strong cost controls and improved marketing efficiency. We are looking forward to the potential for a significant catalyst for Wynn in Massachusetts.

在 Wynn Interactive，我們的整體 EBITDA 消耗率從 2022 年第二季度的 2100 萬美元下降到第三季度的 1800 萬美元，這得益於強有力的成本控制和營銷效率的提高。我們期待馬薩諸塞州 Wynn 成為重要催化劑的潛力。

Lastly, we're advancing quickly on our planning for Wynn Marjan, our integrated resort in the UAE. We're in the late stages of programming for the resort. Given the pristine beach setting and the somewhat malleable nature of the man-made island, we have an incredible canvas with which to work and design something truly unique. I expect we will share renderings, programming and plans more publicly in early 2023. I also expect we will be driving piles for the foundation of the property by the middle of next year. We look forward to sharing more details with you about this exciting project in due course.

最後，我們正在快速推進我們在阿聯酋的綜合度假村 Wynn Marjan 的規劃。我們正處於度假村規劃的後期階段。鑑於原始的海灘環境和人造島的可塑性，我們擁有一塊令人難以置信的畫布，可以用來工作和設計真正獨特的東西。我預計我們將在 2023 年初更公開地分享效果圖、編程和計劃。我還預計我們將在明年年中之前為該物業的地基打樁。我們期待在適當的時候與您分享有關這個激動人心的項目的更多細節。

With that, I'll turn it back to Julie to run through some additional details on the quarter.

有了這個，我會把它轉回給朱莉，讓她了解本季度的一些額外細節。

Thank you, Craig.

謝謝你，克雷格。

At Wynn Las Vegas, we generated a third quarter record of $195.8 million in adjusted property EBITDA on $544.4 million of operating revenue during the quarter. Lower-than-normal hold negatively impacted EBITDA by about $12 million in Q3. Our hotel occupancy was 88.8% in the quarter, up 580 basis points year-over-year and up 90 basis points versus Q3 2019. Importantly, we've stayed true to our luxury brand and continue to compete on quality of product and service experience. With our overall ADR reaching $426 during Q3 2022, up 8.7% versus Q3 2021 and 39% above Q3 2019 levels. Our other nongaming businesses saw broad-based strength across food and beverage and retail, which were up nicely year-over-year and also well above prepandemic levels.

在 Wynn Las Vegas，我們第三季度的調整後物業 EBITDA 達到 1.958 億美元，營業收入為 5.444 億美元，創下歷史新高。第三季度低於正常水平的持有對 EBITDA 產生了約 1200 萬美元的負面影響。本季度我們的酒店入住率為 88.8%，同比增長 580 個基點，與 2019 年第三季度相比增長 90 個基點。重要的是，我們一直忠於我們的奢侈品牌，並繼續在產品質量和服務體驗方面展開競爭.我們的整體 ADR 在 2022 年第三季度達到 426 美元，比 2021 年第三季度增長 8.7%，比 2019 年第三季度增長 39%。我們的其他非博彩業務在食品、飲料和零售方面表現出廣泛的實力，同比增長強勁，也遠高於大流行前的水平。

In the casino, our Q3 2022 slot handle increased 31.6% year-over-year and was 72.2% above Q3 2019 levels. Similarly, our table drop was up 12.5% year-over-year, and was 32.4% above Q3 2019 levels despite still suppressed international play during the quarter due to COVID-related travel challenges.

在賭場，我們 2022 年第三季度的老虎機處理量同比增長 31.6%，比 2019 年第三季度的水平高出 72.2%。同樣，儘管由於與 COVID 相關的旅行挑戰，本季度的國際比賽仍然受到抑制，但我們的積分榜同比下降 12.5%，比 2019 年第三季度的水平高出 32.4%。

The team in Vegas has done a great job of controlling costs without negatively the guest experience, delivering adjusted property EBITDA margin of 36% in the quarter. On a hold-normalized basis, our EBITDA margin was up approximately 1,300 basis points compared to Q3 2019.

拉斯維加斯的團隊在控製成本方面做得很好，沒有對客人體驗產生負面影響，本季度調整後的酒店 EBITDA 利潤率為 36%。在保持正常化的基礎上，與 2019 年第三季度相比，我們的 EBITDA 利潤率上升了約 1,300 個基點。

OpEx, excluding gaming tax per day, was $3.6 million in Q3 2022, up 10% compared to Q3 2019 levels, but well below the 36% increase in revenue due to lower headcount and broad-based cost efficiencies in areas that do not impact the guest experience. We remain committed to maintaining a cost structure that appropriately balances margins and our exacting service standards. In Boston, we generated adjusted property EBITDA of $61.1 million in Q3 2022 with EBITDA margin of 28.9%.

2022 年第三季度的運營支出（不包括每天的博彩稅）為 360 萬美元，比 2019 年第三季度增長 10%，但遠低於收入增長 36%，原因是員工人數減少以及不影響博彩業的領域的廣泛成本效率客人體驗。我們仍然致力於維持適當平衡利潤率和我們嚴格的服務標準的成本結構。在波士頓，我們在 2022 年第三季度產生了 6110 萬美元的調整後房地產 EBITDA，EBITDA 利潤率為 28.9%。

We saw broad-based strength across casino and nongaming during the quarter. In the casino, we generated $184 million of GGR, a property record with strength in both tables and slots. Our nongaming revenue grew 33% year-over-year, with particular strength in the hotel, driven by 97% occupancy and a $398 ADR. We stayed very disciplined on the cost side with OpEx, excluding gaming tax per day, of approximately $1.1 million in Q3 2022. This was a decrease of over 10% compared to $1.3 million per day in Q4 2019 and broadly in line with Q2 2022.

我們在本季度看到了賭場和非博彩業的廣泛實力。在賭場，我們產生了 1.84 億美元的 GGR，創下了賭桌和老虎機實力的財產記錄。我們的非博彩收入同比增長 33%，在酒店方面尤為強勁，這得益於 97% 的入住率和 398 美元的 ADR。 2022 年第三季度，我們在成本方面保持非常嚴格的運營支出，不包括每天的博彩稅，約為 110 萬美元。與 2019 年第四季度的每天 130 萬美元相比，下降了 10% 以上，與 2022 年第二季度基本持平。

As we've discussed on prior calls, the year-over-year EBITDA and OpEx comps were impacted by a combination of contractual labor agreements, which added around $45,000 per day to our OpEx base beginning late in Q2 2022, along with a onetime benefit of $3 million in Q3 of last year. We're well positioned to drive strong operating leverage as we continue to grow the top line over time.

正如我們在之前的電話會議上所討論的那樣，EBITDA 和 OpEx 同比收入受到合同勞動協議組合的影響，從 2022 年第二季度末開始，我們的 OpEx 基數每天增加約 45,000 美元，此外還有一次性福利去年第三季度為 300 萬美元。隨著我們隨著時間的推移繼續增加收入，我們有能力推動強大的運營槓桿。

Our Macau operations delivered an EBITDA loss of $65.6 million in the quarter on $115.6 million of operating revenue as the COVID situation in the region has continued to suppress visitation. As Craig noted, while the business has remained challenging, we experienced some encouraging pockets of demand during the October Golden Week holiday period, particularly in our direct VIP and retail businesses.

由於該地區的 COVID 情況繼續抑制訪問，我們的澳門業務在本季度的 EBITDA 損失為 6560 萬美元，營業收入為 1.156 億美元。正如 Craig 指出的那樣，雖然業務仍然充滿挑戰，但我們在 10 月黃金周假期期間經歷了一些令人鼓舞的需求，特別是在我們的直接 VIP 和零售業務中。

Our OpEx, excluding gaming tax, was approximately $1.6 million per day in Q3, a sequential decrease compared to $1.9 million per day in Q2 2022. The team has done a great job remaining declined on costs in a difficult operating environment. Longer term, we're well positioned to drive strong operating leverage as the business recovers over time.

我們的運營支出（不包括博彩稅）在第三季度約為每天 160 萬美元，與 2022 年第二季度的每天 190 萬美元相比環比下降。該團隊在困難的運營環境中保持成本下降方面做得很好。從長遠來看，隨著業務隨著時間的推移復甦，我們有能力推動強大的運營槓桿。

Turning to Wynn Interactive. Our EBITDA burn rate improved to $17.7 million in Q3 2022, from $21 million in Q2 2022, primarily driven by improved marketing efficiency and disciplined OpEx control.

轉向永利互動。我們的 EBITDA 消耗率從 2022 年第二季度的 2100 萬美元提高到 2022 年第三季度的 1770 萬美元，這主要是由於提高了營銷效率和嚴格的運營支出控制。

Moving on to the balance sheet. Our liquidity position remains very strong with global cash and revolver availability of approximately $2.8 billion as of September 30. This was comprised of $997 million of total cash and available liquidity in Macau and $1.8 billion in the U.S. These numbers exclude the undrawn $500 million intercompany revolving credit [facility, Wynn Resorts entered into] with Wynn Macau.

轉到資產負債表。截至 9 月 30 日，我們的流動性狀況仍然非常強勁，全球現金和可用流動資金約為 28 億美元。這包括澳門的 9.97 億美元現金和可用流動資金總額以及美國的 18 億美元。這些數字不包括未提取的 5 億美元公司間循環資金信用[設施，永利度假村進入]與永利澳門。

Our previously announced sale leaseback transaction for the real estate of Encore Boston Harbor remains on track to close before the end of the year. Pro forma for the transaction, we have approximately $4.4 billion of consolidated global cash and liquidity.

我們之前宣布的 Encore Boston Harbor 房地產售後回租交易仍有望在年底前完成。根據交易形式，我們擁有大約 44 億美元的綜合全球現金和流動資金。

Importantly, the combination of very strong performance in Las Vegas and Boston, with the properties generating trailing 12-month EBITDA of over $1 billion, together with our robust liquidity, creates a very healthy pro forma leverage profile in the U.S. Finally, our CapEx in the quarter was $87 million, primarily related to the Awakening theater at Wynn Las Vegas and normal course maintenance.

重要的是，拉斯維加斯和波士頓非常強勁的表現，加上這些物業過去 12 個月的 EBITDA 超過 10 億美元，再加上我們強勁的流動性，在美國創造了非常健康的備考槓桿狀況。最後，我們的資本支出在該季度為 8700 萬美元，主要與 Wynn Las Vegas 的 Awakening 劇院和正常球場維護有關。

With that, we will now open up the call to Q&A.

有了這個，我們現在將打開問答電話。

(Operator Instructions) Our first question comes from Carlo Santarelli with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Carlo Santarelli。

Guys, I just wanted to kind of talk a little bit about what both of you mentioned as it pertained to the uptick that you're seeing in Macau. How much of that at this point do you think you could perhaps -- and I understand it's kind of direct VIP, so a smaller number of players can really move the needle. But how much of a change have you seen since the visa policies were tweaked a little bit? And with respect to the comments you made on nongaming, is it -- is there potentially something that's kind of brewing that's swiftening the pace a little bit of the return of customers?

伙計們，我只是想談談你們倆提到的與你們在澳門看到的上漲有關的事情。在這一點上，你認為你可能有多少 - 我知道這是一種直接的 VIP，所以少數玩家可以真正移動針頭。但是，自從簽證政策稍作調整後，您看到了多少變化？關於你對非遊戲的評論，是不是 - 是否有可能正在醞釀某種正在加快客戶回歸步伐的東西？

Carlo, sure, I'll start, and then I'll ask Ian to comment. I think on the latter portion of your question, with Hong Kong being accessible, I think you've seen pretty reasonable retail sales in Macau, given it's more accessible than Hong Kong. And I think that's just a natural outcome of accessibility.

Carlo，當然，我會開始，然後我會請 Ian 發表評論。我認為關於你問題的後半部分，由於香港交通便利，我認為你在澳門看到了相當合理的零售額，因為它比香港更容易到達。我認為這只是可訪問性的自然結果。

With respect to your -- the former part of your question, I mean, the -- it's like squeezing air in a balloon, right? The demand has to go somewhere. And so we weren't surprised to see an uptick in direct VIP growth in light of the market having no junkets. So I don't think either one of them were surprising to us. We've seen it before, we've -- over the course of the past year, when there have been pockets of demand.

關於你的 - 你問題的前一部分，我的意思是 - 這就像在氣球中擠壓空氣，對吧？需求必須去某個地方。因此，鑑於市場沒有中介，我們看到直接 VIP 增長的上升並不感到驚訝。所以我認為他們中的任何一個都不會讓我們感到驚訝。我們以前見過它，我們已經 - 在過去的一年裡，當有一些需求時。

Ian, would you add anything to that?

伊恩，你能補充什麼嗎？

I'd just like to clarify that for e-visas, they haven't really gotten moving yet. They reopened on the 1st of November, so it wouldn't have had an effect on October activity. So the activity that we saw in our VIP area and premium mass is linked to a certain extent to returning former junket players. We also saw it at Chinese New Year. So we believe it's our premium positioning in the market and the facility and services that we offer make us attractive to those players, and there will be a return of them in the future.

我只想澄清一下，對於電子簽證，他們還沒有真正開始行動。他們在 11 月 1 日重新開放，因此不會對 10 月的活動產生影響。因此，我們在 VIP 區和優質大眾區看到的活動在一定程度上與回歸的前中介人有關。我們也在農曆新年看到了它。因此，我們相信這是我們在市場中的優質定位以及我們提供的設施和服務使我們對這些參與者俱有吸引力，並且將來會有回報。

Great. Ian, and while you're there, is it possible that we will hear something? I know you guys certainly said by year-end as it pertains to the granting of the concessions. Is it possible that between here and there, 7, 8 weeks away, that we will hear some contingent licenses being handed out?

偉大的。伊恩，當你在那裡的時候，我們有沒有可能聽到什麼？我知道你們肯定會在年底前說過，因為這與特許權的授予有關。 7、8 週之後，我們是否有可能聽到一些臨時許可證的發放？

Sorry. Anything's possible, Carlo, but the preestablished time line has been year-end.

對不起。一切皆有可能，卡洛，但預先設定的時間線是年底。

Great. And then, Craig, while I have you, I know you mentioned a little bit of development on the UAE and obviously, some ground break next year with more color in the first quarter of ['13]. But could you talk a little bit about the progress in your learnings maybe at this stage? Anything incremental you could share on that front?

偉大的。然後，克雷格，當我有你的時候，我知道你提到了阿聯酋的一些發展，顯然，明年 ['13] 的第一季度會有一些突破性的進展。但是你能談談你在這個階段的學習進展嗎？您可以在這方面分享任何增量嗎？

Yes, sure. I think I mentioned on a previous call that the more time we spend over there, and I was just over there recently, the more we believe in the nongaming elements of that market. It's a tremendous nongaming leisure and luxury market. And as I mentioned in my prepared remarks, we're in the pretty late stages now of programming. So essentially determining what we're going to build, not how it's going to look, per se. And given that it's a man-made island without any existing development, it's an incredibly flexible location on which to plan. If -- for example, if you want to move a beach, you move a beach. So it's a really exciting project and we've sought to maximize the relationship of the facility to its surroundings, particularly in the nongaming amenities like food and beverage wellness and really take advantage of such a unique location.

是的，當然。我想我在之前的一次電話會議上提到過，我們在那裡度過的時間越多，我最近就在那裡，我們就越相信那個市場的非遊戲元素。這是一個巨大的非博彩休閒和奢侈品市場。正如我在準備好的發言中提到的那樣，我們現在處於編程的後期階段。所以本質上是確定我們要構建什麼，而不是它本身的外觀。鑑於它是一個沒有任何現有開發的人造島，它是一個非常靈活的規劃位置。如果——例如，如果你想移動一個海灘，你就移動一個海灘。所以這是一個非常令人興奮的項目，我們力求最大限度地提高設施與周圍環境的關係，特別是在食品和飲料健康等非博彩設施中，並真正利用這樣一個獨特的位置。

Meanwhile, the casino component, where at least for some period of time, we will be operating on our own, which makes it quite exciting, is shaping up to be somewhat larger than Wynn Las Vegas, but with numerous pockets of energy and compression. And so striking that balance is important. When you think about a market like that where you're -- where you, for some period of time, will be the only operator, you certainly don't want to underbuild the casino, but you want to maintain that sense of energy. So I think the property is going to be a stunner, and we look forward to sharing more in early 2023.

與此同時，至少在一段時間內，我們將獨立運營的賭場部分正變得比永利拉斯維加斯稍大，但擁有眾多的能量和壓縮空間，這讓人非常興奮。因此，取得這種平衡很重要。當你想到一個像你所在的市場時——在一段時間內，你將是唯一的運營商，你當然不想削弱賭場的建設，但你想保持這種活力。因此，我認為該物業將令人驚嘆，我們期待在 2023 年初分享更多。

The next question is from Joe Greff with JPMorgan.

下一個問題來自摩根大通的 Joe Greff。

I was hoping you can talk about Las Vegas, Craig, and a way that's going to be a little bit different than how you and strip -- your strip peers have talked about trends up until recently, specifically about programming. Can you discuss -- maybe in this way that would be helpful as we try to ascertain the sustainability of currently strong trends, can you talk about how many programming events do you have for the first half of next year versus the first half of this year if feasibility stretches out for the full year of next year? And can you compare that to full year of '22? Is there a general rule of thumb relating to incremental revenues of an average programming event?

我希望你能談談拉斯維加斯、克雷格，以及一種與你和脫衣舞有點不同的方式——你的脫衣舞同行直到最近才談論趨勢，特別是關於編程。你能不能討論 - 也許以這種方式會有所幫助，因為我們試圖確定當前強勁趨勢的可持續性，你能談談明年上半年與今年上半年相比有多少節目活動嗎？如果可行性延伸到明年全年？你能把它與 22 年的全年進行比較嗎？是否存在與平均節目活動的增量收入相關的一般經驗法則？

Sure. Look, I think this -- Las Vegas has done programming for years, in some form or fashion. And I think as we emerged from COVID, we were, in many cases, a better location in terms of accessibility, openness, masks, et cetera, et cetera, than some of our adjacent markets, particularly California. I think the trend towards programming and the willingness of a higher-value customer to pop over to Las Vegas for a particular event increased meaningfully.

當然。聽著，我認為——拉斯維加斯多年來一直以某種形式或方式進行編程。而且我認為，當我們從 COVID 中脫穎而出時，在許多情況下，我們在可訪問性、開放性、口罩等方面比我們的一些鄰近市場（尤其是加利福尼亞州）更好。我認為編程的趨勢以及更高價值客戶前往拉斯維加斯參加特定活動的意願顯著增加。

And so what I think -- and by the way, at the same time, you obviously had a number of sports teams that had emerged in Las Vegas. Most notably, the Raiders, who drive a tremendous amount of visitation. And so I think in general, the town has become quite good at really looking at every weekend -- or every 2 weeks is an opportunity to program something.

所以我的想法 - 順便說一句，與此同時，你顯然在拉斯維加斯出現了許多運動隊。最值得注意的是攻略，他們帶來了大量的訪問量。因此，我認為總的來說，該鎮已經非常擅長真正關注每個週末——或者每 2 周是一個進行一些編程的機會。

The journey for us, I think, is slightly different, right? We don't think of programming as purely transactional. Who are we going to plug into a particular theater on a particular day? For us, it's more holistic. How can we leverage all of the assets that we have in this building? Including the golf course, which we've used to great success with the match, with the recent Concours d'Elegance car show that we drummed up and originated here. And so how do we use the property as a stage? We think about that all the time now. And so I don't have a heuristic for you where I can quote to you x number of events per year because, really, we're focused on it every single week.

我認為我們的旅程略有不同，對吧？我們不認為編程是純粹的事務性的。我們要在特定的一天將誰插入特定的劇院？對我們來說，它更全面。我們如何才能利用我們在這棟建築中擁有的所有資產？包括我們在比賽中取得巨大成功的高爾夫球場，以及最近的 Concours d'Elegance 車展，我們鼓吹並起源於此。那麼我們如何將房產用作舞台呢？我們現在一直在考慮這個問題。所以我沒有給你一個啟發式的方法，我可以在其中向你引用每年 x 的事件數量，因為，真的，我們每週都專注於它。

But it -- certainly, it endures more than just revenue to the property, right? It endures -- it makes you the "see and be seen" spot. And that's important because marketing is no longer about billboards and about television commercials. It's about content. And so we've been incredibly good at creating content. And it doesn't hurt that during the pandemic, we continue to invest in this property and invest in our people. And so we're firing on every single cylinder here, and I think it shows in the numbers, and programming is a piece of it.

但它——當然，它不僅僅為財產帶來收入，對吧？它經久不衰——它讓你成為“看得見和被看得見”的地方。這很重要，因為營銷不再是廣告牌和電視廣告。這是關於內容。因此，我們非常擅長創建內容。在大流行期間，我們繼續投資於該物業並投資於我們的員工，這並沒有什麼壞處。所以我們在這裡的每個氣缸上都開火，我認為它顯示在數字上，編程是其中的一部分。

Great. And then, Craig, my second question relates to a topic that you might be limited in fully answering. We all saw Tilman for -- filing -- 13G filing last week. So my questions are: one, have you had any conversations with them? Obviously, you talk with investors and respective shareholders all the time. Two, what has he communicated as the reason for his sizable stake in Wynn? And three, can you share that?

偉大的。然後，克雷格，我的第二個問題涉及一個你可能無法完全回答的話題。上週我們都看到了 Tilman 提交的 13G 文件。所以我的問題是：第一，你和他們有過任何對話嗎？顯然，你一直在與投資者和各自的股東交談。第二，他在 Wynn 持有大量股份的原因是什麼？第三，你能分享一下嗎？

Well, I guess what I can say is kudos to him because he's done quite well. Since he appears to have started acquiring in the second quarter when the stock was excessively cheap. It's actually right around when we were buying back some stock as well that we reported in our second quarter Q. Based on what we've seen, watching our share register as we do constantly, sometime in Q2 began seeing accumulations really by certain banks that have traditionally been associated with derivative transactions, like total return swaps, things like that. And we watch those banks establish positions in our stock, and we were well aware of them. All in all, I think it's just a great recognition of the value in our equity, but there's not much more to say beyond that.

好吧，我想我能說的是對他的稱讚，因為他做得很好。因為他似乎是在第二季度股價過低時開始收購的。實際上，就在我們回購一些股票的時候，正如我們在第二季度報告的那樣。根據我們所看到的，像我們經常做的那樣觀察我們的股票註冊，在第二季度的某個時候開始看到某些銀行確實在增持傳統上與衍生品交易相關聯，例如總回報互換，諸如此類。我們看到那些銀行在我們的股票中建立頭寸，我們很清楚他們的存在。總而言之，我認為這只是對我們股權價值的一個很好的認可，但除此之外沒有什麼可說的了。

The next question is from Shaun Kelley with Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

Craig, just wanted to go a little deeper on Las Vegas. We talked about sort of the top line side a little bit, the outlook there. Can we talk about sort of labor and OpEx trends, I think hold notwithstanding in the quarter? Operating expenses were up a little bit. Can you just help us think about the puts, takes here as some of the nongaming mix continues to come back? Some of the group and banquet and catering stuff, the show comes in and has a bigger contribution. Can you help us think about sort of the balance of those as we move into next year? And we're starting to lap a really strong margin and rate -- average daily rate performance in '22. I'm sure there's a different impact for dollars than for margins, so maybe help us think about some of that as we look out next year.

克雷格，只是想更深入地了解一下拉斯維加斯。我們談到了一些頂線方面，那裡的前景。我們能否談談某種勞動力和運營支出趨勢，我認為儘管在本季度仍保持不變？營業費用略有增加。你能幫我們考慮看跌期權嗎，隨著一些非遊戲組合繼續回歸？一些團體和宴會和餐飲的東西，節目進來並有更大的貢獻。當我們進入明年時，你能幫助我們考慮一下這些平衡嗎？我們開始獲得非常強勁的利潤率和利率——22 年的平均每日利率表現。我確信對美元的影響與對利潤率的影響不同，所以在我們明年展望時，也許可以幫助我們考慮其中的一些。

Yes, sure. I'll turn that one over to Brian.

是的，當然。我會把那個交給布賴恩。

Sure. Thanks, Shaun. Our team has really been incredibly disciplined over this last year and even before that coming out of the pandemic with respect to OpEx. We've driven real strong revenues. The EBIT and EBITDA margin, as you can see, has been quite strong, and in comparison to Q3 '19, amazing performance. So I think this has all been done by us really balancing the revenue and our cost base and most importantly, our brand and really being conscious of that.

當然。謝謝，肖恩。我們的團隊在去年甚至在 OpEx 大流行結束之前都非常自律。我們帶來了真正強勁的收入。如您所見，EBIT 和 EBITDA 利潤率相當強勁，與 19 年第三季度相比，表現驚人。所以我認為這一切都是通過我們真正平衡收入和成本基礎，最重要的是，我們的品牌並真正意識到這一點來完成的。

There's an impact from the seasonality of where we're at. Our hold, obviously, was a little down this last quarter and labor being very well controlled by the team. And I think that we can continue to see margin expansion versus '19 at almost any given revenue level. But the team has really been balanced on focusing on the revenue, the cost base and our brand, and we've seen great growth.

我們所處的季節性因素會產生影響。顯然，我們的控制力在最後一個季度有所下降，並且團隊很好地控制了勞動力。而且我認為，在幾乎任何給定的收入水平上，我們都可以繼續看到與 19 年相比的利潤率擴張。但團隊在關注收入、成本基礎和我們的品牌方面確實取得了平衡，我們看到了巨大的增長。

As far as ADR, we've seen very little resistance. If you're following our rates, which I'm sure you are, we've leveraged as much -- we pushed as hard as we can. And kudos to our revenue team and sales team, they're absolutely crushing it. We are seeing incredible records on our side for ADRs. And that's not just on the transient side, we're seeing that in group across every segment.

就 ADR 而言，我們幾乎沒有看到阻力。如果你遵循我們的利率，我相信你是，我們已經充分利用了——我們盡了最大努力。感謝我們的收入團隊和銷售團隊，他們絕對壓垮了它。我們在美國存託憑證方面看到了令人難以置信的記錄。這不僅僅是在短暫的一面，我們在每個細分市場中都看到了這一點。

And I would just add to that. As you know, Shaun, we don't target margin in any particular quarter, right? We target prudent management of our resources in order to deliver an experience that is consistent with the brand. We learned a lot during COVID, a lot. We are more nimble than we have ever been with respect to OpEx. And so we're running the business with less people. We're delivering on the brand promise as well as or better than we have historically, and that's how we manage the business.

我只想補充一點。如你所知，肖恩，我們不針對任何特定季度的利潤率，對嗎？我們的目標是審慎管理我們的資源，以提供與品牌一致的體驗。我們在 COVID 期間學到了很多，很多。在運營支出方面，我們比以往任何時候都更加靈活。所以我們用更少的人來經營業務。我們正在兌現品牌承諾，與以往一樣好，甚至更好，這就是我們管理業務的方式。

Great. And for my follow-up, maybe for Ian. Just obviously, the e-visa channel did open, I believe, on November 1. Has there been any notable change or anything you could just say about traffic levels because that's obviously a material area that has been shut down for a very long period of time at this point? And if not, are there some counterbalancing forces we need to be aware of? I know there have been a decent number of lockdowns and COVID outbreaks that also could have some impact here. So just what are you seeing on the ground?

偉大的。對於我的後續行動，也許是為了 Ian。很明顯，我相信電子簽證通道確實在 11 月 1 日開放了。是否有任何顯著的變化，或者您可以就流量水平說些什麼，因為這顯然是一個已經關閉了很長時間的重要區域此時的時間？如果不是，是否有一些我們需要注意的平衡力量？我知道有相當數量的封鎖和 COVID 爆發也可能在這裡產生一些影響。那麼你在地面上看到了什麼？

Ian, you want to take that?

伊恩，你想接受嗎？

Shaun, we've -- we're very impressed with the government's reaction to the recent outbreak in Macau. When we had an outbreak in the summer, and we had a casino closure, there was a 6-week cycle of closure and recovery. And the government has managed to turn it around in 2 weeks this time. So we are starting to see a buildup in occupancy this coming weekend. So we're coming out of our recent outbreak, and I believe we will see the e-visas as trickle in, in the next couple of weeks and then pick up pace in the coming months.

肖恩，我們對政府對澳門最近爆發的疫情的反應印象深刻。當我們在夏天爆發疫情並關閉賭場時，有一個 6 週的關閉和恢復週期。這次政府成功地在 2 週內扭轉了局面。因此，我們將在即將到來的周末開始看到入住率的上升。因此，我們正從最近的疫情中走出來，我相信我們會在接下來的幾週內看到電子簽證逐漸湧入，然後在接下來的幾個月裡加快步伐。

The next question is from David Katz with Jefferies.

下一個問題來自 Jefferies 的 David Katz。

This is Cassandra on behalf of David. Can we talk about digital wagering? I think some operators talked about October being close to breakeven or even EBITDA positive. Can you provide any update or incremental clarity on when you think the business may turn profit?

這是代表大衛的卡桑德拉。我們可以談談數字投注嗎？我認為一些運營商談到 10 月份接近盈虧平衡甚至 EBITDA 為正。您能否就您認為企業何時可以扭虧為盈提供任何更新或更清晰的信息？

Sure. So look, in the long term, we think about this business -- as I've said on prior calls, we think about it really over the longer term. And in particular, iCasino, where we've had pretty reasonable success and our brand has real currency.

當然。因此，從長遠來看，我們會考慮這項業務——正如我在之前的電話會議上所說，我們會從長遠考慮。特別是 iCasino，我們在那裡取得了相當大的成功，並且我們的品牌擁有真正的貨幣。

As we've said before, what we aren't -- and I think we were the first to say so. What we aren't willing to do is burn billions of dollars between now and then, and we've done that. If you look at our results for Q3 year-over-year, we had almost the same total handle in both Q3 2022 and Q3 2021 on a 90% reduction in marketing spend and an 80% reduction in burn because our initial customer cohorts continue to play with us, generating revenue, and we're being very thoughtful with respect to user acquisition and promos.

正如我們之前所說，我們不是——我認為我們是第一個這麼說的人。我們不願意做的是時不時地燒掉數十億美元，而我們已經做到了。如果您查看我們第三季度的同比結果，我們在 2022 年第三季度和 2021 年第三季度的總處理量幾乎相同，營銷支出減少了 90%，消耗減少了 80%，因為我們的初始客戶群體繼續和我們一起玩，創造收入，我們在用戶獲取和促銷方面非常周到。

With Massachusetts coming up, I would expect a modest uptick in [UA], but nothing earth-shattering because we have a sizable database there. And we're highly likely to have retail sports betting without mobile for a while. So the goals at this point are to launch Massachusetts, and as you said, achieve breakeven and then grow as the market does, particularly in iGaming, where again, our brand has currency, and we can ultimately drive the best digital customers to Wynn Las Vegas and Encore Boston Harbor. So we're not calling the EBITDA breakeven point yet. But I mean if you look at our numbers, we're getting pretty close.

隨著馬薩諸塞州的到來，我預計 [UA] 會適度上升，但不會驚天動地，因為我們那裡有一個相當大的數據庫。我們極有可能在沒有移動設備的情況下進行零售體育博彩一段時間。所以此時的目標是推出馬薩諸塞州，正如你所說，實現收支平衡，然後隨著市場的發展而增長，特別是在網上博彩領域，我們的品牌在這方面也有影響力，我們最終可以將最好的數字客戶吸引到 Wynn Las維加斯和安可波士頓港。所以我們還沒有稱之為 EBITDA 盈虧平衡點。但我的意思是，如果你看看我們的數字，我們已經非常接近了。

Great. And for the follow-up. Has there been any updated thoughts on the excess land you have in Las Vegas? What are some kind of strategies that could activate the value there?

偉大的。以及後續行動。對於您在拉斯維加斯擁有的多餘土地，您是否有任何最新的想法？有哪些策略可以激活那裡的價值？

Look, we're focused -- the type of design and development that we do, you can't spread yourself too thin. So we're very focused right now on the UAE and getting that right. It's a tremendous, very high return opportunity for us, we expect, and so that's really design of our -- that's really the focus of our design and development efforts at the moment.

看，我們很專注——我們所做的設計和開發類型，你不能把自己分散得太細。所以我們現在非常專注於阿聯酋，並把它做好。我們期望，這對我們來說是一個巨大的、非常高的回報機會，所以這真的是我們的設計——這真的是我們目前設計和開發工作的重點。

The next question is from Dan Politzer with Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

So in Las Vegas, you talked a little bit about the programming benefits. And going forward, how should we -- should be thinking about that? As you think about -- along with that, the group and convention business coming back and into 2023 and the occupancy uplift, is it fair to give you guys that full 5 point credit going forward starting next year? Or is that something that's going to be phased in more gradually?

所以在拉斯維加斯，你談到了編程的好處。展望未來，我們應該如何考慮？正如你所想的那樣——除此之外，團體和會議業務將回歸併進入 2023 年，以及入住率的提升，從明年開始給你們全額 5 分的積分是否公平？還是會逐漸逐步實施？

We don't -- again, we don't really talk about forward guidance, so I can't translate it into basis points. What I would say in general is that you're right, the group and convention business during the earlier portion of this year was a little bit thinner or certainly concentrated in very specific pockets. And over the course of really the past 1 month, 1.5 months or so, we've seen the business come back more fully. So that certainly is an occupancy tailwind, but quantifying it at this point, we're not -- we don't do that.

我們沒有——再一次，我們並沒有真正談論前瞻性指導，所以我不能將其轉化為基點。總的來說，我想說的是，你是對的，今年早些時候的團體和會議業務有點薄弱，或者肯定集中在非常特定的領域。在過去 1 個月、1.5 個月左右的時間裡，我們看到業務更全面地恢復了。所以這肯定是入住順風，但在這一點上量化它，我們不是 - 我們不這樣做。

Understood. And then in terms of capital allocation, you're set to receive the proceeds from the Encore Boston sale leaseback in the fourth quarter. How -- did that change your thinking in terms of allocating capital or in terms of how much you're buying back in terms of stock or maybe even a special dividend?

明白了。然後在資本配置方面，您將在第四季度收到 Encore Boston 售後回租的收益。這如何改變了你在分配資本方面的想法，或者你在股票或什至是特別股息方面回購多少的想法？

Well, the recurring dividend is really the cornerstone of our strategy, and it always has been and certainly was pre-COVID. Our U.S. business is generating very, very healthy cash flow. And our high ROIC development projects, UAE, the development we're doing adjacent to Boston, the press has reported that we're interested in New York, those are well funded given particularly the cash infusion that you just referenced. The resumption of that recurring dividend really hinges on the recovery of Macau. So I think it's a little too early to be talking about significant changes in capital allocation policy, pending the return of Macau, which hopefully is over the next several quarters. So stay tuned.

好吧，經常性股息確實是我們戰略的基石，它一直都是而且肯定是在 COVID 之前。我們的美國業務正在產生非常、非常健康的現金流。還有我們的高 ROIC 開發項目，阿聯酋，我們在波士頓附近進行的開發，媒體報導說我們對紐約很感興趣，考慮到您剛才提到的現金注入，這些項目資金充足。該經常性股息的恢復實際上取決於澳門的複蘇。因此，我認為在澳門回歸之前談論資本配置政策的重大變化還為時過早，希望在接下來的幾個季度內回歸。敬請期待。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀的 Robin Farley。

Can you kind of remind us what your interest level is in a potential New York site at this point?

您能否提醒我們您目前對紐約潛在網站的興趣程度？

Yes. I mean we -- sure, Robin. So we are all about gateway cities, marquee developments, battleship assets. And so yes, we're always interested in locations like New York. The devil's in the details, of course, when it comes down to what the upfront license payment ends up being, what the tax rate ends up being, what the detailed regulations end up being. But yes, of course, we're interested in New York as has been reported in the press.

是的。我的意思是我們——當然，羅賓。所以我們都在關注門戶城市、大型開發項目和戰艦資產。所以是的，我們總是對紐約這樣的地方感興趣。當然，細節決定成敗，當涉及到前期許可費用最終是多少、稅率最終是多少、詳細規定最終是什麼時。但是，是的，正如媒體報導的那樣，我們當然對紐約感興趣。

But you wouldn't necessarily give any more detail in terms of like potential location or timing expectation?

但是您不一定會在潛在位置或時間預期方面提供更多詳細信息？

I think it's been reported that we are working with -- related to Hudson Yards.

我認為據報導我們正在與 - 與 Hudson Yards 相關。

Right. And anything in terms of your timing expectations?

正確的。在您的時間期望方面有什麼嗎？

It's really dependent on the process. The RFP has yet to drop.

這真的取決於過程。 RFP 尚未下降。

Thank you, operator. We'll take one last question.

謝謝你，運營商。我們將回答最後一個問題。

Our final question is from Brandt Montour with Barclays.

我們的最後一個問題來自巴克萊銀行的 Brandt Montour。

So your margin story was really, really good here this quarter, and you gave a stat on OpEx per day, growth from '19 of up 10%. And I was curious if we could look at that number on a CAGR basis and sort of get any comfortability around your ability to manage to that growth rate? Or if -- and I guess what I'm getting at is inflation picking up going to sort of impact that going forward.

所以你的利潤率故事在這個季度真的非常好，你給出了每天運營支出的統計數據，從 19 年開始增長 10%。我很好奇我們是否可以在 CAGR 的基礎上查看這個數字，並在某種程度上對您管理該增長率的能力感到滿意？或者，如果——我想我的意思是通貨膨脹率上升會對未來產生某種影響。

Well, look -- I'll take this one, Julie. So first, you have to think back to our experience during COVID and kind of work forward. So as we emerged from COVID, we were forced actually to become much more disciplined in terms of how we looked at costs. Now we have always delivered the best guest experience in the business. And the challenge that we had was making sure that we continue to do that, but frankly, on a lower FTE count. And we've carried that on. So we're down FTEs relative to '19, even in this quarter and even in last quarter, when we printed nearly $240 million in EBITDA. So when you look at our OpEx per day now, a lot of it is variable and directly related to revenue.

好吧，看——我要這個，朱莉。因此，首先，您必須回顧我們在 COVID 期間的經歷以及未來的工作。因此，當我們從 COVID 中走出來時，實際上我們被迫在看待成本方面變得更加自律。現在，我們始終提供業內最佳的賓客體驗。我們面臨的挑戰是確保我們繼續這樣做，但坦率地說，是在較低的 FTE 數量上。我們已經進行了。因此，與 19 年相比，我們的 FTE 有所下降，即使在本季度甚至上個季度，我們打印了近 2.4 億美元的 EBITDA。因此，當您現在查看我們每天的運營支出時，很多都是可變的並且與收入直接相關。

To your point on inflation, inflation works 2 ways in our business, right? The price of a hotel room can be adjusted every minute of every day. And that's one of the benefits of a business like ours, and so we feel good about our ability to manage labor costs. Now we have a portion of our business that's union, and that's true of everybody -- all the major players other than one, up and down the strip, and so that's an important consideration. But we're not staying up at night, stewing about the cost of labor or OpEx.

關於通貨膨脹的觀點，通貨膨脹在我們的業務中以兩種方式起作用，對嗎？酒店房間的價格每時每刻都可能調整。這是像我們這樣的企業的好處之一，因此我們對自己管理勞動力成本的能力感到滿意。現在我們有一部分業務是工會，每個人都是如此——除了一個以外的所有主要參與者，上下地帶，所以這是一個重要的考慮因素。但我們不會熬夜，為勞動力成本或運營支出煩惱。

And in fact, a vast majority or a large number of positions in our building are tipped. And folks that are tipped, where else do they want to work? They want to be here.

事實上，我們大樓中的絕大多數或大量職位都是傾斜的。那些得到小費的人，他們還想在哪里工作？他們想在這裡。

So we feel great about our margins. Again, we don't manage quarter-to-quarter to a particular margin. We manage our FTEs with discipline, and we try to maximize the revenue and maximize the -- our delivery on the brand promise.

所以我們對我們的利潤感覺很好。同樣，我們不會按季度管理特定的利潤率。我們以紀律管理我們的 FTE，我們努力使收入最大化，並最大限度地實現我們對品牌承諾的交付。

Excellent. And then just as a quick follow-up. When you talk to your internal sales folks who are on the phone every day with the planners at large corporate clients, do you get the sense that there's any unevenness across different corporate sectors, i.e., tech, where people over there are sort of looking at '23 gatherings and things that they were thinking about planning and potentially hitting the pause button just given the macro?

出色的。然後作為快速跟進。當你與每天與大型企業客戶的計劃人員通電話的內部銷售人員交談時，你是否感覺到不同企業部門之間存在任何不平衡，即技術，那裡的人有點看'23 的聚會和他們正在考慮計劃並可能在給出宏指令後按下暫停按鈕的事情？

Brian, do you want to take that?

布賴恩，你想接受嗎？

Sure. Thanks, Craig.

當然。謝謝，克雷格。

Brandt, I think it's something that's real telling from an industry standpoint is to really just look at the large citywides. CES, back in 2020, did over 170,000, and in '22, it did 44,000. So certainly, that is an international component, a strong international component to that business as well as in the tech industry. But then if you look at [FEMA] that just happened this last month, a couple of weeks ago, they had over 130,000.

Brandt，我認為從行業的角度來看，真正說明的是真正只看大城市。早在 2020 年，CES 就完成了 170,000 多個，而在 22 年，它完成了 44,000 個。因此，當然，這是一個國際組成部分，是該業務以及科技行業的強大國際組成部分。但是如果你看看上個月剛剛發生的 [FEMA]，幾週前，他們有超過 130,000。

So we're having the most solid year we've ever had. We are going to have our best year ever in group in both room nights and revenue, and we're pacing ahead of that for '23. And that's despite January and February having a real soft January and February with Omicron. So I think we're well positioned. There are certain industries that are performing better than others, and we're seeing that both at Wynn and across the city, I would assume.

因此，我們度過了有史以來最穩健的一年。我們將在房間間夜和收入方面成為有史以來最好的一年，我們將在 23 年領先於此。儘管 1 月和 2 月 Omicron 的 1 月和 2 月真的很軟。所以我認為我們的定位很好。有些行業的表現優於其他行業，我認為我們在永利和整個城市都看到了這一點。

We've been more than able to fade any minor fallout that we've seen from tech, mortgage, et cetera, et cetera.

我們已經完全能夠消除我們從科技、抵押貸款等方面看到的任何輕微影響。

Yes. We've had a couple of cancellations, but it's nothing out of the norm. In fact, it's kind of below what we would normally see. So I think we're quite comfortable with where we're pacing. We're pacing ahead of where we should be, and we are very encouraged by what we're seeing for '23.

是的。我們已經取消了幾次，但這沒有什麼不正常的。事實上，它有點低於我們通常看到的。所以我認為我們對我們的節奏很滿意。我們正在超前前進，我們對 23 年所看到的情況感到非常鼓舞。

With that, we will now close the call. Thank you, operator, and thank you, everyone, for your interest, and we look forward to talking to you again next quarter.

這樣，我們現在將結束通話。謝謝接線員，也謝謝大家的關注，我們期待下個季度再次與您交談。

Thank you. That does conclude today's conference. You may disconnect at this time.

謝謝你。今天的會議到此結束。此時您可以斷開連接。